First HoldCo Plc and RC Investment Management Limited (RCIM) have reported significant progress in the ongoing sale of FirstHoldCo shares held by RCIM as an independent bridge holder, with strong investor demand driving the transfer of approximately 5.2 billion shares to subscribers.
RCIM Share Disposal Records Strong Investor Demand
The transaction follows a Central Bank of Nigeria (CBN)-approved shareholder divestment arrangement under which RCIM acquired approximately 10.43 billion FirstHoldCo shares on the Nigerian Exchange (NGX) in July 2025 for subsequent sale to investors.
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The ongoing disposal is structured as a secondary-market transaction involving the transfer of existing shares through the NGX rather than the issuance of new shares.
According to the update, about 5.2 billion units have so far been crossed to subscribers, with additional transactions expected as the necessary regulatory approvals are secured and the remaining execution processes are completed.
The significant trading volumes recorded in FirstHoldCo shares during this period are therefore partly attributable to the ongoing transfer of RCIM’s shareholding to investors.
Strong Investor Confidence Supports Share Disposal
The strong subscription levels and successful absorption of such a substantial shareholding highlight continued investor interest in FirstHoldCo and confidence in the group’s financial performance, underlying fundamentals and long-term growth prospects.
The development also reflects sustained market interest in the financial services group as investors respond to its performance and future growth potential.
FirstHoldCo’s shareholder returns have further strengthened its position among major Nigerian banking groups. On a total shareholder return basis, the group ranks first among the FUGAZ banking groups, having delivered returns exceeding 200 per cent from the beginning of January 2026 to date, according to the statement.
Transaction Expected to Broaden Investor Base
The ongoing disposal represents another important step towards completing the orderly divestment programme associated with the original shareholder arrangement.
By transferring the shares to a broader pool of investors, the transaction is expected to expand FirstHoldCo’s investor base while facilitating the completion of RCIM’s role as the independent bridge holder.
Further share crossings are expected as regulatory requirements and outstanding transaction processes are completed.
The progress recorded so far underscores the scale of investor participation in the transaction and the continued demand for FirstHoldCo shares in the Nigerian capital market.
